The APAC and MEA finance and accounting managed services industry offers specialized bookkeeping and accounting services, assuring compliance with regulations, tax laws and financial reporting standards across the region. It aids organizations to function efficiently by streamlining various accounting, financial and reporting processes.
The global APAC and MEA Finance and Accounting Managed Services Market is estimated to be valued at US$ 1153.13 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Organizations are increasingly outsourcing repetitive and time-consuming accounting tasks like data entry, account reconciliations, financial analysis to managed service providers. This enables them to focus on more strategic functions. Advanced technologies adopted by service providers such as robotic process automation, artificial intelligence and cloud-based platforms help automate routine accounting processes, reducing compliance costs and risks of errors. They also ensure data security and integrity while handling sensitive financial information. The enhanced productivity and scalability offered by finance and accounting managed services has made them increasingly popular among organizations across varied industry verticals.
Segment Analysis
The Global APAC and MEA Finance and Accounting Managed Services Industry Market Size is segmented by service type into managed financial services, managed accounting and bookkeeping services, managed payroll services and other services. The managed financial services segment currently dominates accounting for over 35% of the total market share in 2023. This is because many enterprises prefer outsourcing core finance and accounting functions such as accounts payable/receivable, financial planning and analysis, record to report etc to managed service providers who have specialized expertise and technology capabilities to handle such activities efficiently.
Key Takeaways
The global APAC and MEA Finance and Accounting Managed Services Industry is expected to witness high growth. The region is expected to grow at a CAGR of over 8.2% during the forecast period of 2023 to 2030.
Regional analysis:
The APAC region currently dominates the market with over 45% share owing to presence of large number of enterprises as well as emerging markets like India and China where outsourcing of finance functions is gaining traction. Within the region, India and China are expected to be the fastest growing markets growing at a CAGR of over 10% during the forecast period.
Key players:
Key players operating in the APAC and MEA Finance and Accounting Managed Services Industry Market are Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, JINDAL ALUMINIUM LTD., Kaiser Aluminum.
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